No one likes to plan for the worst, but the unexpected does happen. Do you have an action plan or an exit strategy in place for your business in case of abrupt life events? If not, a business advisory board can help.
Having support within a business community is vital for managing your business when life throws you curve balls. From illness, death, to unanticipated financial burdens, life will sometimes force business owners to make tough decisions about how to move forward. With a peer advisory board in place, you and your employees will have the support they need for crisis management – minimizing stress and streamlining any necessary transitions.
At TAB Denver West, we have the experience and acumen needed to help manage the challenges of selling a business or transitioning a management team. Obviously, business advisors are helpful at any time, but having a team in place before life circumstances become incredibly demanding can make all the difference.
These are just a few of the factors involved in an exit strategy:
- Business valuation
- Finding an appropriate buyer
- Noncompete agreements
- Personnel management
- Account reconciliation
In 2017, TAB Denver West stepped in when a sudden cancer recurrence made it necessary for one of our members to sell his business – fast. Read more about how we supported him, his business, and his family through that difficult process in this case study.
By Blair Koch